Moody’s assigns Ba1 to Coty loans

Moody's Investors Service said it assigned provisional Ba1 ratings to the incremental term loans A and B under the Coty Inc. senior secured credit facility, adding Coty BV as a new co-borrower of the incremental facilities.

Coty’s other ratings, including its Ba1 corporate family rating, were not affected.

The outlook is stable.

The new term loan proceeds will be used to repay outstanding borrowings under the company's revolving credit facility that were used to fund the acquisition of Hypermarcas SA's personal care and beauty business in February of this year.

The incremental European term loans will not result in any change to Coty's Ba1 corporate family rating or its stable outlook because proceeds will repay short-term debt, making the transaction leverage neutral, Moody’s said.

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